Oil prices extended gains despite the rapid spread of the Omicron coronavirus variant, supported by supply outages and expectations that US inventories fell last week

US oil fell after airlines cancelled thousands of flights over the Christmas holidays amid surging COVID-19 cases, though Brent crude gained support from hopes that the Omicron variant will have limited impact on global demand

Saudi Arabia’s crude oil exports in October rose for a sixth straight month to their highest since April 2020, the Joint Organisation Data Initiative (JODI) said

OPEC raised its world oil demand forecast for the first quarter of 2022 but left its full-year growth prediction steady, saying the Omicron coronavirus variant would have a mild impact as the world gets used to dealing with the pandemic

Oil prices rose slightly and posted their biggest weekly gain since late August, with market sentiment buoyed by easing concerns over the Omicron coronavirus variant’s impact on global economic growth and fuel demand

Oil prices eased after early gains after measures by some governments to slow the spread of the Omicron coronavirus variant, though losses were capped by positive comments from vaccine makers about the efficacy of their jabs

Brent has risen 38% this year, supported by output curbs led by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, and recovering demand, although it has fallen from a three-year high above $86 in October

OPEC and its allies agreed to stick to their existing policy of monthly oil output increases despite fears that a U.S. release from crude reserves and the new Omicron coronavirus variant would lead to a fresh oil price rout

OPEC and its allies are likely to stick to existing policy on raising output despite considering other options, sources said, after big swings in crude prices, a U.S. release from oil reserves and fears about the new coronavirus variant

Oil prices tumbled more than 3% after Moderna’s CEO cast doubt on the efficacy of Covid-19 vaccines against the Omicron coronavirus variant, spooking financial markets